Hard for inflation data to change near-term Fed cuts dynamics. Fed focused on labor markets, not inflation side of mandate.

Changed Fed call - now have Fed on hold for rest of year. January cut would have needed softness continuing into December print.

Positioning fairly light, people staying close to benchmarks, hesitant to take risk.

One prevalent position: people still like curve steepeners for dual risks - insurance against bigger downturn or scare about Fed independence/deficit levels.

Actual impact on mortgage rates probably low, would take under on 25 basis points. Not game-changing for home ownership decisions.

Relative size of Treasury market means rotation into gold wouldn't noticeably impact Treasury yields, but could be bigger driver for gold.